All Forum Posts by: Daryle Smith

@Ola Dantis absolutely brother we can connect

@Brett Goldsmith appreciate your response brother. According to him he went through the legal paperwork side to acquire the deed of it was done through probably I’m not sure. Is that something I should ask?

@Kevin Sobilo appreciate your response, yeah I would have to ask he says he went through all the paperwork and legal side of obtaining the deed. What should I ask so that I don’t seem confused or I don’t know what I’m talking about.

@Marc Winter thanks for replying. He says 2k a month. The house is very outdated but with so much potential. Fixed up it would cash flow it’s not move in ready. How would sub-to work?

Afternoon BP forums, hope everyone enjoyed their thanksgiving.

So I built a good relationship with a seller a for sale by owner and he’s motivated to sell he has taken the deed of a property from his deceased father and is now trying to sell his asking price is 419k he owes 389 on his mortgage so he claims he hasn’t requested a pay of Balance yet so I’m not 100% sure but that’s his word. My offer was 347k but this was before I found out how much is owed on the mortgage. I want to weigh some possible options. Would a short sale be feasible for this situation? And of course if he is ok with walking away with nothing he has been paying the mortgage again so he claims but I can tell from recent discussion he’s rather have peace of mind than hold the property and he isn’t occupying the property either his wife and him make good money he his retired and wife is in the medical field and both have primary homes. What are some of my options if I introduce the short sale option?

@David Lee Hall, III hahaha I could imagine opening up a wall to find mold and termites and what not it’s like well there goes another 10k that wasn’t factored into the Reno.. but hey I appreciate all the insight bud

So for cash on cash return is there a formula you follow for rental properties ?

@David Lee Hall, III great insight brother I greatly appreciate it. Few questions here, so 1being what is opex? And what is your ROI percentage or is that the 5% for cap ex?

Also, since I’m basically looking to do. A live and flip with my fha 203k will that potentially increase what average rents are in said area?

I’m looking to invest in Pennsylvania but starting out with fha 203k, I know there tenant laws are different from New York , can anyone offer insight about some of the markets out in that state that they currently invest in or are looking to invest in ?

@Eric Telese this is why I love the forums great way to network with people I would say try ABL and or welendllc

@Eric Telese not bad at all I just got an offer accepted for a property out in mastic beach going to probably do a live in flip.. fha 203k